THSCC Forums

Does anybody know of a company that will do a "stated value" type policy on a late model car in NC? My current company will only do it if the car is 20 years or older and they told me that no other companies will write that type of policy in NC without being subject to the same conditions? Is that really true? Thoughts? Ideas?

Thanks,

Jim

Why bother?

Seriously, I'm curious. Only situation I would consider is if the vehicle is worth a LOT more than book value and/or you can't prove it.

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Mike Whitney
whit32@gmail.com, 919-454-5445
V10, V8, V8t, I6, I6, V6, F4t, I4, I4, I4, I4, I2, 1, 1

I'm just curious to see what it might cost, that's all. If it isn't too bad, I might be interested in it for the peace of mind. I see people talking about it from time to time but I've never seen any details.

Is that a problem?

Jim

Jim that's a great question. When I got my caR, the value was waaay lower than the actual street value. So, I called my long-time State Farm agent and he said don't worry about it.

If it was stolen or wrecked, I'd be covered for the replacement value and the price I paid would be taken into account.

My $.02

Nah, no problem The last time I looked into different insurance options (when I was getting insurance for the MGB), I realized that liability is the biggest cost and that won't change with valuation or with a "classic car" policy.

I was just wondering if you were trying to save money or get something insured for more than book. So which is it?

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Mike Whitney
whit32@gmail.com, 919-454-5445
V10, V8, V8t, I6, I6, V6, F4t, I4, I4, I4, I4, I2, 1, 1

Thanks for the input Matt. I'll talk with my agent again as I was speaking in fairly general terms during the first conversation.

I may do a little random shopping around as well.



I'm not trying to save money-- I imagine it would wind up costing me more and I was trying to get a feel for potentially how much and if it would be worth it (to me). I am mainly worried about getting fair market value which seems to be a good bit above the current book prices I'm seeing.

And with Spratte co-driving, I need to prepare for the worst!

Just kidding David!

Jim

Up the limits on your umbrella liability policy I guess...

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Current stable:
2019 BMW M2 Competition slicktop 6MT
2011 BMW M3 sedan slicktop 6MT
2007 BMW 328i wagon (slushbox for now)
1975 CanAm 125MX2

As far as I know that is accurate. Some companies do offer a Customized Equipment Endorsement if you have lots of goodies on the car. Outrageously expensive, one of my client insists on have this $480 for an additional 9k of coverage.

You are pretty much at the mercy of the company you are dealing with as far as the settlement. My two best companies actually will find 3 cars of Like kind of Quality and base a settlement on that. That takes the book out of it. If they say we are giving you 34k for your Corvette it is because you can go to ..... and buy one for 34 K. ON THE OTHER HAND when I was rearended by a company that will remain nameless but they say they are my Good Neighbor. They went completely on the book value. I gave them a list of all my after market parts and got about 50% of the value of those (about what I expected). I could not get them to budge off of the book, Didn't matter that there currently wasn't one (Mini and remember I live in East Egypt) to be found in 200 miles and most people ask ridiculus prices for them. I might have fought harder but I had already stolen one from a guy that didn't understand how EBAY worked so I took the money and ran.

My attitude is that since I choose to put my entertainment into something I might not get it back. You don't get your money back from the golf course, beach, etc if something goes wrong. Our hobby is our cars so that portion of our car that has been paid for with the entertainment dollar probably won't come back when the insurance company pays me for it. They insured it based on the assumption that it is a car, not my entertainment/hobby. Does that make any sense?

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2002 MCS, 2003 MCS Track Rat, 2003 Generic White Yukon, 2003 BMWk1200rs, 1973 CB350F, 02 996. 08 Cayenne Turbo
http://www.clinehallagency.com

For one of your cars????

Cline, thanks for the information. That definitely helps. I'll give you a ring tomorrow if you don't mind.

Rob, I don't like you anymore.

Jim

That's it. I'm putting the seat all the way back and breaking the slider. See how fast Top Gun is with platform shoes to reach the pedals.

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Not spectacular just decent.
I'm not sure what I'm driving.
Maybe an ITR in DS.
Or half-assed STX prepped 330.

Dang, now I need to find my old KISS boots.

Jim
- who is definitely not going to rock and roll all night...

I am going to be out all tomorrow. Got an exciting day of cont. ed. about flood insurance. Woo Woo

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2002 MCS, 2003 MCS Track Rat, 2003 Generic White Yukon, 2003 BMWk1200rs, 1973 CB350F, 02 996. 08 Cayenne Turbo
http://www.clinehallagency.com

I like American States Ins. Twice they've payed Me for cars I totaled and both times I purchased similar vehicles for considerable less than they settled for. Clines figures on the vette are amazingly familiar

me thinks Cline is and will be getting more familiar with Corvettes very soon. he might need a booster pillow in the seat but that is for another thread.

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BenchWarmer Motorsports

another one of those damn LeMons heads

just another Chump

we are an Autocross Club Dammit............